According to Cas Abbé, citing CryptoQuant data, total crypto market volume in 2025 reached $79 trillion, split between $18 trillion in spot and $61 trillion in futures, indicating substantial spot accumulation alongside derivatives dominance (source: Cas Abbé on X; CryptoQuant). According to Cas Abbé, 2025 marks the year of the institutional floodgate, with market infrastructure holding and capital participation increasing, based on the reported mix of spot and futures activity (source: Cas Abbé on X). According to CME Group and Binance Academy, a futures share near 77 percent typically reflects elevated leverage and potential volatility, so traders should monitor funding rates, basis, and open interest to quantify risk and trend strength (source: CME Group education; Binance Academy).

According to @BullTheoryio, the crypto market experienced what they describe as the largest liquidation event on record on October 10, with nearly $20B in positions wiped out in less than 24 hours, highlighting a regime shift in market structure (source: @BullTheoryio). They add that aggregating data from October 1 to the present further underscores a post-October 10 behavioral change, indicating traders should reassess leverage exposure and liquidation risk as conditions evolve (source: @BullTheoryio).